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Economic Activities
Economic Systems
Vocab, Baby!
Lear Notes
GDP
100
Examples include teachers, physicians and accountants
What are tertiary activities?
100
A system where the government owns or manages most means of production
What is communism/command economy?
100
Systems of roads, ports, communication and power generation
What is infrastructure?
100
The branch of economics that studies how individuals and firms make decisions
What is microeconomics?
100
Total value of goods and services produced in and out of country's borders
What is Gross National Product?
200
A textile manufacturing plant is an example of this
What is secondary activity?
200
The most basic economic system
What is traditional/subsistence?
200
Political and economic system where a central government owns or controls means of production
What is communism?
200
This economic concept occurs when Mr. Thomas can eat a sandwich quicker and more efficiently than Mr. Kelley
What is absolute advantage?
200
Equation for GDP
What is C + I + G + NX?
300
A key economic activity in rural areas is
What is farming/agriculture?
300
Private ownership of business and industry
What is capitalism?
300
The percent of the population who can read/write
What is literacy rate?
300
Branch of economics that studies aggregate systems, i.e. a country
What is macroeconomics?
300
Largest component of GDP
What is Consumption?
400
Research and Technology are typically classified as this level of service
What is quaternary?
400
A movement to the use of machinery
What is industrialization?
400
Ms. Lear's major in college
What is Economics?
400
The economic term for next best alternative
What is opportunity cost?
400
If net export figure is negative, country is operating under this condition
What is trade deficit?
500
Modern cities and poor rural areas are indicators of this level of development
What is middle income?
500
Allows individuals and businesses to set prices for goods and services
What is free enterprise?
500
Two advantages of a command economy
What are: wealth is typically more evenly distributed, access to social services, lower risk, only necessary goods/services produced
500
Scotty has a lower opportunity cost than LeBron James, so he has a _______________ in mowing the lawn
What is comparative advantage?
500
Way we classify consumption category
What is durable, non-durable, and services